Perth Mint sold diluted gold to China, got caught, and tried to cover it up

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The historic Perth Mint is facing a potential $9 billion recall of gold bars after selling diluted or “doped” bullion to China and then covering it up, according to a leaked internal report.

The doping program began to unravel in September 2021. Shanghai Gold Exchange alleged two bars contained too much silver and were non-compliant with its specifications.

Fearing a major blow to its reputation, an internal investigation was ordered on the same day the complaint was received.

The investigation made clear just how much was on the line if the SGE went public.

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“If SGE – Gold Corporation’s pre-eminent exchange client – had made public that they had issues with Gold Corporation bars … the impact of negative public statements on the business could be very significant,” the internal report said.

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